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Market Lab Report - After the Open 3/9/17

Published:

9 Mar 2017 14:49 ET

Major averages finished yesterday mixed near the low end of their trading ranges on mixed volume (higher on the S&P 500).

Oil prices had their biggest one-day percentage drop since February 2016. Data showed that domestic-crude supplies jumped 8.2 million to 528.4 million barrels--the highest level on record.

Focus List Review

FTNT had a pocket pivot through its 10- and 20-day lines.

QTNA had a pocket pivot but closed almost midbar.

GKOS violated its 10- then 20-day lines as it heads back to its 50-day moving average. As we wrote over the weekend, "We would consider the current action as a sign to exit the stock, assuming one did not sell into the gap-up move, and allow it some time to stabilize and perhaps build a new base after getting extended to the upside."

CC is exhibiting volume dry-up action as it trades between its 10- and 20-day lines.

Among our short-sale targets we would note that TSLA is sitting at its 50-day moving average where it would be shortable on a volume move below the line. We would consider any rally back up towards the 20-dema as a more optimal short-sale entry point.

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